Georgia State Laws, Life insurance state
laws
the period of time in which the Commissioner must conduct an
examination of every authorized insurer Correct answers 5 Years
An applicant for an agent license who fails the written exam 3 times has
to do what before they can take it a 4th time Correct answers An
applicant who fails the written exam 3 times must retake a pre licensing
course before retaking the exam
Time frame for the commissioner to provide the examinee a copy of the
written report Correct answers 20 days
An agent has been licensed for 9 years. How many hours of class room
study must the agent complete in continuing education to keep the license
Correct answers Residents who have been licensed for fewer than 20 years
must complete at least 24 hours of continuing education
Those who have been licensed longer then 20 years must complete
20 hours of continuing education every 2 years
How many days written notice to all interested parties Correct
answers 10 days
Insurance license to do business in Georgia is called a Correct answers
Certificate of authority
The hearing must be held no later than days after the request was
received Correct answers 30 days
A person who sells or negotiates insurance for a licensed agent is called
a Correct answers Sub-agent
Parties may request a rehearing withing days Correct answers 30 days
Which of the following must be authorized to transact insurance in
Georgia Correct answers Insurance company's that provide only Long -
term care insurance
The commissioner must make an order on the hearing within days
Correct answers 30 days
, What is a passing score on the written exam for agents, subagents,
counselors and adjusters Correct answers Examines must obtain a score
of at least 70% to pass
Maximum fine for each non willful insurance code violation Correct
answers $2,000
A creditor requires credit insurance as additional security on a loan. The
debtor can get the required coverage from Correct answers - Any insurance
authorized in Georgia
- An existing group policy
- A new individual policy
Maximum fine for each willful insurance code violation Correct answers
$5,000
What is the maximum liability for any one life that can be assumed by the
Georgia Life and Health insurance Guaranty Association Correct answers
$100,000.00
Maximum fine for violating a cease or desist order Correct answers $10,000
Rules and regulations made by the Commissioner of insurance must be
approved by the Correct answers All rules and regulations made by the
commissioner must be approved by the Attorney General and filed at the
commissioners office for at least 10 days before they become effective
How many days notice is required to temporarily suspend a license, if
emergency action is needed Correct answers 3 days
What is the minimum period in which an insurer may file a life insurance
policy with the Commissioner of insurance before it can be used Correct
answers All life insurance and annuity contract forms and applications
delivered in Georgia must be filed with the Commissioner of insurance at
least 90 days before the first intended date of use
Producer must report name and address change within Correct answers 30
days
Who must be authorized to transact insurance in Georgia Correct answers
Insurers that provide only Long - term care insurance
Applicants minimum age to sell insurance Correct answers Age 18
How many hours of prelicening is required (PER LINE) In order to take
the Georgia licensing exam? Correct answers 20 Hours Life
20 Hours Health
Total = 40
Applicant must complete hours of licensing education per line of
authority Correct answers 20 hours
laws
the period of time in which the Commissioner must conduct an
examination of every authorized insurer Correct answers 5 Years
An applicant for an agent license who fails the written exam 3 times has
to do what before they can take it a 4th time Correct answers An
applicant who fails the written exam 3 times must retake a pre licensing
course before retaking the exam
Time frame for the commissioner to provide the examinee a copy of the
written report Correct answers 20 days
An agent has been licensed for 9 years. How many hours of class room
study must the agent complete in continuing education to keep the license
Correct answers Residents who have been licensed for fewer than 20 years
must complete at least 24 hours of continuing education
Those who have been licensed longer then 20 years must complete
20 hours of continuing education every 2 years
How many days written notice to all interested parties Correct
answers 10 days
Insurance license to do business in Georgia is called a Correct answers
Certificate of authority
The hearing must be held no later than days after the request was
received Correct answers 30 days
A person who sells or negotiates insurance for a licensed agent is called
a Correct answers Sub-agent
Parties may request a rehearing withing days Correct answers 30 days
Which of the following must be authorized to transact insurance in
Georgia Correct answers Insurance company's that provide only Long -
term care insurance
The commissioner must make an order on the hearing within days
Correct answers 30 days
, What is a passing score on the written exam for agents, subagents,
counselors and adjusters Correct answers Examines must obtain a score
of at least 70% to pass
Maximum fine for each non willful insurance code violation Correct
answers $2,000
A creditor requires credit insurance as additional security on a loan. The
debtor can get the required coverage from Correct answers - Any insurance
authorized in Georgia
- An existing group policy
- A new individual policy
Maximum fine for each willful insurance code violation Correct answers
$5,000
What is the maximum liability for any one life that can be assumed by the
Georgia Life and Health insurance Guaranty Association Correct answers
$100,000.00
Maximum fine for violating a cease or desist order Correct answers $10,000
Rules and regulations made by the Commissioner of insurance must be
approved by the Correct answers All rules and regulations made by the
commissioner must be approved by the Attorney General and filed at the
commissioners office for at least 10 days before they become effective
How many days notice is required to temporarily suspend a license, if
emergency action is needed Correct answers 3 days
What is the minimum period in which an insurer may file a life insurance
policy with the Commissioner of insurance before it can be used Correct
answers All life insurance and annuity contract forms and applications
delivered in Georgia must be filed with the Commissioner of insurance at
least 90 days before the first intended date of use
Producer must report name and address change within Correct answers 30
days
Who must be authorized to transact insurance in Georgia Correct answers
Insurers that provide only Long - term care insurance
Applicants minimum age to sell insurance Correct answers Age 18
How many hours of prelicening is required (PER LINE) In order to take
the Georgia licensing exam? Correct answers 20 Hours Life
20 Hours Health
Total = 40
Applicant must complete hours of licensing education per line of
authority Correct answers 20 hours
